An Endowment Plan is an investment plan which is designed to help you build savings over the long-term. The Endowment Plans get double up as an emergency fund for the family in the absence of the provider. Endowment Plans benefits the policyholder in two ways that are life insurance and return on investment. You need to pay a premium amount to avail an endowment life policy. The endowment life policy has a maturity period of 10, 20 or 30 years. In an endowment life plan, you invest your money in fixed income securities and bonds to receive fixed returns. Top Endowment Plans which promises attractive benefits are:
Bajaj Allianz Elite Assure
Bajaj Allianz Elite Assure is a participating plan that provides limited or regular premium payment options along with the most attractive guaranteed return while protecting your family. This plan offers a perfect balance of life cover and a great return on investment. Bajaj Allianz Elite Assure provides an option of limited and regular premium payment term and an option to enhance the coverage with rider benefits. It provides an accrued Guaranteed Loyalty Additions of up to 3 – 15% of Guaranteed Maturity Benefit which depends on the premium payment term chosen. In Bajaj Allianz Elite Assure plan, you are provided with the choice of 4 policy terms that is 15, 20, 25 and 30 years.
Tata AIA Life Insurance Maha Life Gold Plan
Tata AIA Life Insurance Maha Life Gold Plan is a traditional participating Whole life Plan that covers the individual up to 85 years of age. This plan promises the policyholder the enhancement of the Sum Assured too without paying any additional premiums. The plan offers secure financial future by assuring guaranteed returns. With this Maha Life Gold Plan, you can plan your legacy by ensuring regular income for yourself as well as for your family for a long period of time. The life insured is also provided with Guaranteed Annual Coupons from the commencement of the 10th policy year till maturity and Non-Guaranteed Cash Dividends from 6th policy year till maturity. The plan also provides Tax benefits of the Income Tax Act, 1961 under section 80C and 10D. At the time of maturity of the plan, the policyholder receives a lump sum amount in addition to the regular income.
Max Life Gain Premier Plan
Max Life Gain Premier Plan is a traditional Endowment Assurance plan which is designed with an aim to build a corpus for future needs by providing provides long-term life coverage. This plan provides the flexibility to choose between multiple premium payment terms. You can enhance the policy benefits with riders depending on the needs of the family. You are also provided with the benefit to withdraw some money to meet an urgent requirement. As the Maturity Benefit, you will get a guaranteed payout along with applicable bonuses on the completion of the policy term. As the Death Benefit, the nominee will be provided with a guaranteed payout along with applicable bonuses on the death of the policy term. The policyholder gets tax benefits under Section 80C, 80D, 80DD, 10(10D) as per prevailing tax laws. The policyholder also has the option to receive the annual cash bonus announced by Max Life Insurance.
LIC’s Jeevan Rakshak Plan
LIC’s Jeevan Rakshak Policy is a non-linked Endowment Plan that offers protection along with savings. This plan offers a lump sum amount at the time of maturity for the surviving policyholder or a financial support for the family in case of death of the policyholder any time before maturity of the plan. This plan also provides loan facility. As the Maturity Benefit, the Basic Sum Assured along with Loyalty Additions are paid in lump sum amount on survival at the end of the policy term if all the premiums have been duly paid. As the Death Benefit, a Sum Assured on Death is paid which is the highest of 105% of all the premiums paid as on date of death or 10 times of the annualized premium or Basic Sum Assured in case of the death of the policyholder during the policy term.
HDFC Life Sampoorn Samriddhi Plus Plan
HDFC Life Sampoorn Samriddhi Plus Plan is a limited premium Endowment Plan that provides life insurance coverage. This traditional ‘with profit’ plan provides an option to extend the life coverage up to 100 years. This plan provides long-term savings and whole life cover for a financially secure future of the family. The policyholder has the flexibility to select a premium payment frequency that is annual, semi-annually, quarterly, or monthly and a policy term of 15-40 years. In case of accidental death of the policyholder during the term of the policy, the beneficiary receives an extra sum assured. On maturity of the policy, the sum assured additional bonuses which include Terminal and Interim bonus, and accrued Guaranteed Additions are paid to the policyholder.
Reliance Life Super Endowment Plan
Reliance Life Super Endowment Plan is a non-linked endowment plan which provides a dual benefit of saving as well as life coverage. Through this plan, you can get the savings and protection for yourself and for your family. In this plan, you just need to pay for just half of the selected policy term and you’ll get the policy coverage of the full policy term. On maturity or death, you will receive the basic sum assured. You have the flexibility to choose the policy term of 14 or 20 years.
Kotak Premier Endowment Plan
Kotak Premier Endowment Plan is a traditional Endowment Plan that provides long-term savings and financial protection to cope with unfortunate contingencies along with life coverage. The plan builds up a corpus of your dreams by providing guaranteed additions for the first five policy years and bonuses accrue from the 6th policy year. The plan also offers additional protection through a wide range of optional riders.
These are the top 7 Endowment Plans which will motivate you to save and protect you and your family by securing your dreams and aspirations.Read More